Iconic Empire State Building Receives Shareholder Support for IPO
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The Empire State Building might be one of the largest real estate IPOs ever. And the offering is just got approved by its investors.
According to the WSJ, about 80 percent of the 3,300 stakeholders in the iconic Empire State Building voted to go ahead with a public offering. The proposed name of the company, Empire State Realty Trust, would lump the Empire State Building with 18 other properties in an deal that hopes to fetch $1 billion.
The controlling family of the building, the Malkins, have been fighting with dissident shareholders for months to get the deal through. Following the IPO, the Malkins will hold a $714 million stake in the company.
Each unit in the private company is said to be valued at $323,000, bringing total value of the holding to just over $1 billion.
According to the WSJ, about 80 percent of the 3,300 stakeholders in the iconic Empire State Building voted to go ahead with a public offering. The proposed name of the company, Empire State Realty Trust, would lump the Empire State Building with 18 other properties in an deal that hopes to fetch $1 billion.
The controlling family of the building, the Malkins, have been fighting with dissident shareholders for months to get the deal through. Following the IPO, the Malkins will hold a $714 million stake in the company.
Each unit in the private company is said to be valued at $323,000, bringing total value of the holding to just over $1 billion.
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